ECOWAS MODEL MINING AND MINERALS DEVELOPMENT ACT

The ECOWAS Ministers in charge of Mining and Minerals
Development have adopted the Draft Regional Model Mining and Minerals
Development Act at a just ended meeting in Accra. The Minister for Lands and
Natural Resources for Ghana, Hon. Kwaku Asomah-Cheremeh who chaired the meeting said there was the need for Member States to harmonize their
mining and mineral policies and legislations to inform investors that the
ECOWAS sub-region is guided by common rules and regulations.

He said “It will also help increase our revenue, open up youth
employment and help develop our independent countries’’. Citing South Africa as
the only country on the Continent that has developed against the backdrop of
mining, the Minister stressed that’’ This Capital Flight must stop’’ and
requested member States to adopt pragmatic policies and programs as outlined in
the Model Act to enable current and future generations to benefit optimally
from the exploitation of their mineral resources.

The adopted document is expected to be presented to the ECOWAS Parliament
in the next few days and will be considered subsequently by the
ECOWAS Council of Ministers which include Ministers of Finance and Foreign
Affairs of Member States before being finally approved by the Authorities of
Heads of State.